Atabank starts to increase stock capital

Baku. 21 April. REPORT.AZ/ "Atabank" OJSC soon will raise its authorized stock capital by AZN 20 mln or 40% up to AZN 70 mln. 

Report informs, Ismayil Suleymanov, CEO of "Synergy Group" Ltd incorporating the bank told at the press conference dedicated to the merger of "Atabank" and "Caspian Development Bank".

According to him, AZN 10 mln capital investment has already been made; remaining AZN 10 mln will be added to bank’s charter capital soon.

“Besides, taking into account the necessity of enhancing banks’ capital position, increase of efficiency and depth of financial intermediation and creation of new bank with higher liquidity, it was decided to merge Caspian Development Bank (CDB) with Atabank”, he noted.

I. Suleymanov told that with corporate management system having been reshaped in line with highest standards, Atabank will rise to new quality level, its financial sustainability indicators will fully match with criteria determined in the legislation. He noted that the bank, within frame of strategy towards protection of interest of depositors and investors, will keep its qualitative and quantitative requirements on highest level, enhance its management capacity, ensure sound and efficient functionality. After the merger, as it will become a legal successor of CDB, all rights and duties will transfer to Atabank, and therefore no issue related to depositors will arise.

Upon other decision of shareholders, the bank will soon be provided with new independent administrative building in Khatai district to improve quality of banking services and to provide more convenient and high-quality services to customers.